Brent crude pushed back above $100 a barrel on Monday, a level last seen during a brief spike in July and before that a sustained run in April and May when markets were still pricing the potential fallout of a wider war in the Gulf. The move coincided with Iran claiming strikes on two U.S. vessels, eight oil tankers and ten other ships it labeled “violating” in the Strait of Hormuz, plus the capture of an Anduril unmanned submarine drone. U.S. forces had previously sunk five tankers in the region, according to the same reports.
The strait is the story
The Strait of Hormuz remains the choke point that matters. Iran’s speaker of parliament, Mohammed Bagher Ghalibaf, signaled the campaign would not end soon, and the market priced that persistence rather than any single attack. Brent’s return to triple digits reflects a supply-risk premium that had faded over the summer, not a sudden disruption of physical barrels. The price is up from the mid-$80s range that held through August, but the source does not specify the exact prior close or the intraday high.
Apple’s foldable arrives at a different price point
On the same morning, Apple chief executive John Ternus, nine weeks into the role, unveiled the company’s first foldable iPhone at the Steve Jobs Theater. Analyst estimates place the starting price above $2,000, roughly in line with Samsung’s Galaxy Z Fold8 at $1,899.99 and the Fold8 Ultra at $2,099.99. IG chief market analyst Chris Beauchamp noted the familiar pattern: Apple shares tend to rise into launch events and dip immediately after as traders lock in gains, though holders who bought at any previous iPhone launch and stayed put have outperformed.
Bessent’s one-liner
Treasury Secretary Scott Bessent offered the day’s most quoted line: “I am the house now … You can bet against me if you want.” The remark, delivered without further context in the briefing, was framed as a dare to currency markets. No specific policy move or intervention was announced alongside it, and the dollar’s reaction was not detailed in the available material.
What to watch
Oil traders will monitor whether Iran’s claimed strikes translate into sustained shipping delays or insurance surcharges through the strait. For Apple, the test is whether a $2,000 foldable expands the installed base or merely reshuffles upgrade timing. And markets will parse whether Bessent’s rhetoric precedes action or simply marks a new verbal ceiling for dollar bears.